Will New Regulations Make Crypto Liable for Tax Reporting?
Upcoming Changes to Information Reporting for Crypto Transactions
In 2020 the OECD released a tax report that focussed on strengthening the legal and regulatory crypto framework. Back in 2021, the OECD announced that there was an expansion of the crypto reporting obligations under the Common ReportingStandards (CRS).
On a parallel course, in August 2021 the Senate passed the InfrastructureInvestment and Jobs Act (“InfrastructureBill”). The Infrastructure Bill” was signed into law by President Biden on 15 November, This bill carries expanded broker tax reporting provisions, which cover Crypto and Digital assets.
This shows that in recent years there has been a clear global focus on creating clear regulatory guidance for tax treatments of crypto assets and virtual currencies, with the hopes that it would ultimately result in improving the consistency, transparency and compliance of crypto tax reporting. Both the OECD and IRS are expected to publish final rules in 2022.
Throughout this whitepaper, Rasheed will answer your burning crypto regulation and reporting questions including:
What is the timing of these crypto regulation changes?
What will the impact of these tax reporting regulation changes have on the crypto industry?
How can crypto businesses take a proactive approach to FATCA and CRS Tax Reporting?
At TAINA we continue to monitor the crypto regulatory landscape. To find out more information on the recent crypto regulation changes fill in the form to download the whitepaper below or, get in touch with us today.